OkCoin, Huobi Shut Down Yuan-Based Trading by October 31

SHANGHAI — OkCoin and Huobi, two of China’s largest bitcoin trading platforms, said on Friday that they were shutting down their yuan-based trading operations by Oct. 31.

Their announcements follow that of rivals BTCChina and ViaBTC, which had earlier said that they would shut their mainland China trading operations.

Beijing is a mounting a crackdown on the cryptocurrency business to contain risks as consumers pile into a highly risky and speculative market that has grown rapidly this year.

On Sept. 4, it issued a directive banning initial coin offerings that also raised concerns over the trading of cryptocurrencies.

(Reporting by Lee Chyen Yee in Singapore and Twinnie Siu in Hong Kong; Editing by Alison Williams)

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